On 28th November, the More Homes Built Faster Act was given Royal Assent, supporting the government’s efforts to tackle the housing supply crisis and get 1.5 million homes built over the next 10 years. More Homes Built Faster removes unnecessary costs and cuts through red tape and other bottlenecks that stand in the way of new homes being built.
“More Homes Built Faster helps fulfill our government’s promise to help more Ontarians find a home that meets their needs and budget,” said Steve Clark, Minister of Municipal Affairs and Housing. “I am proud of the action this plan takes to increase the supply of housing of all types and restore the dream of homeownership for a generation of Ontarians.”
Key actions in the plan include:
- Freezing and reducing government fees to support the construction of new homes and reduce the costs of housing, particularly affordable and not-for-profit housing, inclusionary zoning units and purpose-built rentals.
- Creating a new attainable housing program to drive the development of housing across all regions of Ontario.
- Increased the Non-Resident Speculation Tax rate to 25 per cent – the highest level in Canada – effective October 25, 2022, to deter non-resident investors from speculating on the province’s housing market.
- Protecting new home buyers by increasing consumer protection measures and consulting on ways to help more renters become homeowners.
The plan also supports the development of “gentle density,” which will create more rental housing while minimizing the impact on existing neighbourhoods. These changes will give most urban residential property owners the right to build up to three units on their land – including a basement apartment or a laneway home – without lengthy planning approvals or development charges.
“Too many Ontario families are chasing too few homes that meet their needs. The bold changes passed today are laying the foundation for those currently trying to find a home that is right for them, and for generations to come,” said Michael Parsa, Associate Minister of Housing.